Revenue for the second quarter of $44.2 million was $1.6 million or 4% higher than the same quarter last year and year-to-date revenue of $81.1 million was $3.0 million or 4% higher than 2015. The increase during the quarter and year-to-date was primarily due to growth in Toronto and Ottawa as a result of strong listener ratings in those markets.

Earnings before interest, taxes, depreciation and amortization ("EBITDA" (1)) of $13.8 million in the second quarter was $1.3 million or 11% higher than the second quarter last year and year-to-date EBITDA of $22.0 million was $2.4 million or 12% higher than 2015. The improvements in EBITDA are a result of the revenue growth as well as the Company's continued commitment to managing costs.

Profit for the period of $8.4 million was $2.4 million or 39% higher than the same quarter last year. Year-to-date profit of $13.0 million was $4.4 million or 52% higher than last year due primarily to higher revenue and lower interest expense. In addition, the prior year provision for income taxes was higher due to changes in future corporate income tax rates which caused a one-time increase of $0.6 million in deferred tax expense.

Significant events

During the second quarter, the Company repurchased 1.1 million of its outstanding Class A Subordinate Voting Shares for cash consideration of $10.1 million.

Subsequent to quarter end, the Board of Directors approved an increase in dividends to $0.20 per share per annum, up from $0.15 per share per annum. As a result, the Board of Directors declared a dividend of $0.10 per share on each of the Company's Class A Subordinate Voting Shares and Class B Common Shares on August 11, 2016, payable on September 15, 2016 to all shareholders of record as at August 31, 2016.

"The Company's success in the second quarter was a result of strong listener ratings that allowed us to grow revenue and EBITDA," commented Rob Steele, President and Chief Executive Officer. "We are pleased with the Company's overall results as many of our stations outperformed their respective markets, helping to compensate for certain regions where we have faced challenges this year."

Financial Highlights - Second Quarter

Three months ended June 30

(thousands of Canadian dollars, except share information)

2016

2015

Revenue

$

44,225

42,598

EBITDA

13,811

12,474

Profit

8,405

6,034

Earnings per share - basic

0.32

0.22

Earnings per share - diluted

0.30

0.21

Weighted average number of shares outstanding (in thousands)

26,448

27,915

June 30

December 31

2016

2015

Share price, NCC.A (closing)

$

9.02

11.00

Total assets

362,694

364,246

Long-term debt, including current portion

143,932

145,908

Shareholders' equity

148,872

145,991

The Company's complete Second Quarter Report, which includes the unaudited condensed interim consolidated financial statements along with related notes in accordance with International Accounting Standard ("IAS") 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ("IASB") and the Management's Discussion and Analysis, are available on the Company's website at www.ncc.ca and www.sedar.com.

(1) Non-IFRS Accounting Measure

EBITDA is a measure that is not defined by International Financial Reporting Standards and is not standardized for public issuers. This measure may not be comparable to similar measures presented by other public enterprises. The Company believes this is an important measure because the Company's key decision makers use this measure internally to evaluate the performance of management. The Company's key decision makers also believe certain investors use it as a measure of the Company's financial performance and for valuation purposes. A calculation of this measure is included in the Company's Second Quarter Report.

About Newfoundland Capital Corporation LimitedNewfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) owns and operates Newcap Radio which is one of Canada's leading radio broadcasters with 95 licences across Canada. The Company reaches millions of listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales and networking.

This press release contains forward looking statements. These forward-looking statements are based on current expectations. The use of terminology such as "expect", "intend", "anticipate", "believe", "may", "will", "should", "would", "plan" and other similar terminology relate to, but are not limited to, our objectives, goals, plans, strategies, intentions, outlook and estimates. By their very nature, these statements involve inherent risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those expressed in such forward-looking statements. As a result, there is no guarantee that any forward-looking statements will materialize and readers are cautioned not to place undue reliance on these statements. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.